U.S. Bancorp second-quarter earns $1.2 bln vs $1.12 bln

MichaelBaron

NEW YORK (MarketWatch) -- U.S. Bancorp
USB, +0.35%
Tuesday reported second-quarter earnings of $1.2 billion, up 7.1% from a year-ago profit of $1.12 billion. The company said net income applicable to its common shares totaled $1.18 billion, or 66 cents a share, for the quarter, up from $1.12 billion, or 60 cents a share, in last year's period. The average estimate of analysts polled by Thomson First Call was for a profit of 64 cents a share in the June period. The Minneapolis-based bank holding company cited strong growth in a majority of its fee-based products for the performance and said the latest period includes a gain of $35 million related to its proportionate share of the initial public offering of MasterCard. U.S. Bancorp said its total net revenue on a taxable-equivalent basis for the period rose 4.5% to $3.45 billion. The stock closed Monday at $31.02, up 25 cents.

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